Millions of Nationwide Building Society members across the UK have received a significant financial update from the mutual, highlighting a potential monthly repayment figure of just over £190.
What the Nationwide Email Says
The world's largest building society has proactively contacted its customer base via email, presenting a fixed-rate personal loan as a "predictable way to plan ahead" for larger purchases. The correspondence outlines the potential benefits of a loan with stable monthly outgoings.
"Whether you are looking for a loan right now, or thinking about your future, we are sharing what a Nationwide loan could look like to give you a clearer view of your options," the email states. It emphasises that repayments are fixed, meaning they "won’t change," and highlights there are no charges or fees for setting up the loan or repaying it early.
The Specifics of the Offer
For those considering an application now, Nationwide indicates that loans between £7,500 and £25,000 over one to five years are available. The advertised rate is 5.6% APR Representative (fixed), though this is subject to individual financial circumstances.
The society provides a clear example: a £10,000 loan spread over a five-year term would result in monthly repayments of just over £190. The total amount repayable in this scenario would be £11,449.80.
Nationwide is quick to note this is a representative example only. "The rate may change depending on how much you borrow, and how long you take to pay it back," the email clarifies.
Key Features and How to Get a Quote
The financial mutual promotes several key features of its loan product:
- Personalised quotes that won't affect credit scores – you can get as many quotes as you like without impact.
- Fixed repayments that will not increase or decrease.
- No charges to establish the loan or to repay it early.
It is crucial to understand that while obtaining a quote is a "soft search" that leaves no mark on your credit file, formally applying for the loan will trigger a full credit check, which could affect your credit score.
Members interested in seeing a personalised quote can do so via Nationwide's Internet Banking, the mobile app, or by calling 0345 266 1498.
